Retirement Communities: Expectations & Costs

Here’s what you need to know when you’re considering moving into a retirement community. What they are, how they work, and what you can expect to pay to live in one

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What are retirement communities?

Retirement communities are designed for the needs and lifestyle of people aged 65 years and over. The most common form is independent living units. The appeal of retirement communities is that it is still an independent living situation, but it is a safe environment where health and home maintenance needs are catered for by the provider, and help is nearby in an emergency.

Services available in a retirement community

Most retirement communities currently offer the following services, either directly or through third party contracts:

  • Medical assistance on call
  • Home and garden maintenance services
  • Social or recreational facilities

What it costs to live in a retirement village

Retirement communities require that you pay an entry contribution fee or an ongoing contribution fee to live there.

There are three different models known as tenure types when it comes to retirement community fees; Loan or Licence to Occupy, Leasehold and Freehold
Some communities are made up of serviced apartments with home care services offered for a fee.

Benefits of the retirement community cost model

The retirement community model, whether you’re on a loan/licence, leasehold, or freehold cost model, allows residents to continue to access home equity. This is a huge benefit during retirement, adding a substantial amount of income over a decade or more.

Senior living apartments can be ideal living options for seniors looking for an inexpensive, low maintenance lifestyle. To see the best offers in your area, click the button below now and find your new Senior Apartment today.